Group 1 - The resilience of Chinese assets has attracted significant attention from foreign institutions, with 236 A-share companies being investigated by foreign entities since April [1] - The top ten companies receiving the most foreign institution inquiries include Huaming Equipment, Hongfa Technology, Luxshare Precision, Anker Innovation, and others, focusing on sectors such as consumer electronics, pet economy, and technology innovation [1] - Notable foreign institutions conducting research include Morgan Stanley, Franklin Templeton, and UBS Asset Management, indicating strong interest in companies like Huaming Equipment and Hongfa Technology [1][2] Group 2 - The domestic demand sector has gained market attention, with companies like Guibao Pet and Baiya Co. experiencing significant stock price increases since April [1] - In the technology sector, companies such as Luxshare Precision and Anker Innovation have also been the focus of over ten foreign institution inquiries, highlighting their growth potential [2] - Blue Glass Technology has expanded into new fields such as humanoid robots and AI glasses, indicating diversification beyond traditional consumer electronics [2] Group 3 - Many foreign institutions are optimistic about Chinese assets, with Franklin Templeton noting that A-shares have a lower dependency on foreign investment compared to other Asian markets, enhancing market resilience [3] - The low holding ratio of overseas investors in Chinese stocks suggests potential for growth, with expectations of positive surprises in the Chinese economy and corporate performance [3] - Morgan Stanley emphasizes the stability of China's economic and policy environment, suggesting that global investors will reassess investment opportunities in Chinese assets [3]

金十数据4月28日讯，数据显示，今年4月份以来，已有236家A股公司接受外资机构调研。其中，接受 外资机构调研次数居前十的公司分别为：华明装备、宏发股份、立讯精密、安克创新、蓝晓科技、乖宝 宠物、水晶光电、澜起科技、伟星新材、蓝思科技，涉及出海板块，与内需相关的消费电子、宠物经 济，以及与科技创新相关的人形机器人、芯片、电气设备等板块。内需板块近期受到市场关注。4月至 今，调研乖宝宠物、洽洽食品、苏泊尔、百亚股份、海大集团、佩蒂股份等公司的外资机构家数从32家 到6家不等。其中，百亚股份、乖宝宠物4月以来股价涨幅显著。乖宝宠物4月至今接受了包括富达投 资、千禧年基金、安联投资、Point72等32家外资机构调研，机构同样还关注公司出口业务情况。 （中 证金牛座） 4月以来已有236家A股公司接受外资机构调研 ...

| 代码 | 简称 | 最新融资余额(万 | | 融资余额环比增减 | 收盘价 | 当日涨跌幅 | 所属行 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 元） | | （%） | （元） | （%） | 业 | | 300548 | 博创科 技 | 6873.02 | 69.56 | | 33.73 | 4.43 | 通信 | | 301566 | 达利凯 普 | 12793.22 | 33.94 | | 16.86 | 2.99 | 电子 | | 301105 | 鸿铭股 | 2276.34 | 29.04 | | 30.88 | 7.26 | 机械设 | | | 份 | | | | | | 备 | | 301008 | 宏昌科 | 6320.54 | 24.23 | | 20.10 | 3.50 | 家用电 | | | 技 | | | | | | 器 | | 301031 | 中熔电 气 | 10642.85 | 19.46 | | 122.58 | 3.01 | 电子 | | 300973 | 立高食 | 16900.29 | 19. ...

Company Overview - The company specializes in the research, development, manufacturing, and sales of RF microwave ceramic capacitors, providing high-performance and reliable electronic components [2][4] - Main products include RF microwave MLCC and SLCC, characterized by high Q value, low ESR, high self-resonant frequency, and high reliability, widely used in civilian and military RF microwave circuits [2][4] Business Model - The company employs a self-production model, combining sales-driven production and inventory-based production to enhance capacity utilization and timely delivery [5] - The procurement strategy includes a combination of sales-driven procurement and inventory-based procurement, ensuring production continuity and efficiency [5] - Sales are primarily conducted through direct sales to downstream customers, supported by a nationwide sales team with capabilities for overseas expansion [6] Research and Development - The R&D efforts are overseen by the chief engineer, with a dedicated technical department managing various projects, including new product development and material research [8] - R&D projects are categorized into external and internal projects, with a structured process for project planning, execution, and evaluation [8] Industry Position - The company holds a leading position among domestic RF microwave MLCC suppliers, being one of the few that master the entire production process from raw material preparation to testing [8] - The company has established a significant market presence in both civilian and military sectors, with products validated by well-known customers [8] - In the reporting period, the company achieved operating revenue of approximately 323.34 million yuan, a decrease of 6.47% year-on-year, and a net profit of approximately 113.77 million yuan, down 8.86% year-on-year, primarily due to a slowdown in industry growth and decreased customer demand [8]

Core Viewpoint - Dali Cap's 2024 annual report indicates a decline in both revenue and profit, reflecting market pressures and internal challenges despite maintaining a leading position in the RF microwave ceramic capacitor sector [1][4]. Financial Performance - The total revenue for 2024 was 323 million yuan, a decrease of 6.47% from 346 million yuan in 2023 [4]. - The net profit attributable to shareholders was 114 million yuan, down 8.86% from 125 million yuan in the previous year [4]. - The net profit excluding non-recurring items was 112 million yuan, showing a smaller decline of 0.58%, indicating effective control over non-operating losses [4]. Market Conditions - The decline in revenue and profit is primarily attributed to a slowdown in industry growth and decreased demand from downstream customers [4]. - Historical data shows that after reaching a peak in 2022 with total revenue of 477 million yuan (up 34.57%) and net profit of 177 million yuan (up 54.80%), the company has faced significant declines in 2023 and 2024 [4]. Business Operations - Dali Cap specializes in the R&D, manufacturing, and sales of RF microwave ceramic capacitors, which are widely used in both civilian and military applications [5]. - The company has established long-term partnerships with well-known enterprises in various fields, including mobile communication base stations and medical imaging equipment [5]. - Increased market competition poses challenges for business expansion, particularly as the 5G communication and medical equipment markets become saturated [5]. Military Market Opportunities - The company has obtained qualifications such as the "Equipment Manufacturing Qualification Certificate," positioning it well for opportunities in the military market due to rising domestic requirements for military components and materials [6]. - Continuous investment in technology R&D and product delivery is necessary to maintain competitive advantages in the specialized military market [6]. Cash Flow Management - Dali Cap employs a procurement model that combines self-operated production, sales-driven procurement, and inventory-based purchasing, alongside a direct sales approach [7]. - In 2024, the net cash flow from operating activities was 96.4 million yuan, a significant decline of 57.20% [7]. - The net cash flow from financing activities was -161 million yuan, a decrease of 546 million yuan, exacerbating the company's financial pressure [7]. - Despite increasing R&D investment to 22.24 million yuan (up 22.66%), optimizing cash flow management remains a critical issue for the company [7].

大连达利凯普科技股份公司 2024 年度审计报告 | | | | 一、审计报告……………………………………………………… 第 | 1—6 | 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… 第 | 7—14 | 页 | | （一）合并资产负债表…………………………………………… | 第 7 | 页 | | （二）母公司资产负债表………………………………………… | 第 8 | 页 | | （三）合并利润表………………………………………………… | 第 9 | 页 | | （四）母公司利润表………………………………………………第 | 10 | 页 | | （五）合并现金流量表……………………………………………第 | 11 | 页 | | （六）母公司现金流量表…………………………………………第 | 12 | 页 | | （七）合并所有者权益变动表……………………………………第 | 13 | 页 | | （八）母公司所有者权益变动表…………………………………第 | 14 | 页 | | | | 审 计 报 告 天健审〔2025〕1989 号 大连达利凯普 ...

华泰联合证券有限责任公司 关于大连达利凯普科技股份公司 2024 年度证券与衍生品投资情况的核查意见 公司于 2024 年 4 月 26 日召开第二届董事会第五次会议及第二届监事会第四 次会议，分别审议通过了《关于拟开展外汇套期保值业务的议案》。为有效规避 外汇市场的风险，同意在银行等金融机构办理以规避和防范汇率风险为目的的套 期保值业务，包括但不限于远期结售汇、外汇掉期、外汇期权等。业务总额不超 过人民币 3,000 万元（或等值外币）。 二、2024 年度公司外汇套期保值业务投资情况 单位：万元 | | | | 本期公 | 计入权 | | | | 期末投 资金额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 衍生品投资类 | 初始投 | 期初金 | 允价值 | 益的累 | 报告期 | 报告期 | 期末金 | 占公司 | | | | | | 计公允 | 内购入 | 内售出 | | | | 型 | 资金额 | 额 | 变动损 | | | | 额 | 报告期 | | | | | | 价值变 | 金额 | 金额 | | | | | | | ...

华泰联合证券有限责任公司 关于大连达利凯普科技股份公司 根据公司《首次公开发行股票并在创业板上市招股说明书》（以下简称"《招 股说明书》"），本次公开发行募集资金扣除发行费用后调整后拟投资于以下项 目： 调整部分募投项目投资金额、调整内部投资结构及部 分募投项目延期的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"、"保荐人"）作 为大连达利凯普科技股份公司（以下简称"达利凯普"、"公司"）首次公开发 行股票并在创业板上市持续督导阶段的保荐人，根据《证券发行上市保荐业务管 理办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监 管指引第 2 号——创业板上市公司规范运作》及《深圳证券交易所上市公司自律 监管指引第 13 号——保荐业务》等有关规定，对达利凯普调整部分募投项目投 资金额、调整内部投资结构及部分募投项目延期事项进行了核查，具体核查情况 如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意大连达利凯普科技股份公司首次公开 发行股票注册的批复》（证监许可[2023]1890 号）同意注册 ...

华泰联合证券有限责任公司 关于大连达利凯普科技股份公司 使用闲置募集资金进行现金管理及使用自有资金开 展委托理财的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"、"保荐人"）作 为大连达利凯普科技股份公司（以下简称"达利凯普"、"公司"）首次公开发 行股票并在创业板上市持续督导阶段的保荐人，根据《证券发行上市保荐业务管 理办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监 管指引第 2 号——创业板上市公司规范运作》及《深圳证券交易所上市公司自律 监管指引第 13 号——保荐业务》等有关规定，对达利凯普使用闲置募集资金进 行现金管理及使用自有资金开展委托理财事项进行了核查，具体核查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意大连达利凯普科技股份公司首次公开 发行股票注册的批复》（证监许可[2023]1890 号）同意注册，公司首次公开发行 6,001 万股人民币普通股（A 股），每股面值人民币 1.00 元，每股的发行价格为 人民币 8.9 元，募集资金总额为人民币 534,08 ...

华泰联合证券有限责任公司 公司拟开展的外汇套期保值业务涉及的币种包括但不限于生产经营所使用 的主要结算货币，如美元。公司拟开展的外汇套期保值业务是为满足生产经营的 需要，在银行等金融机构办理以规避和防范汇率风险为目的，包括但不限于远期 结售汇、外汇掉期、外汇期权等业务。 （三）交易期限 关于大连达利凯普科技股份公司 开展外汇套期保值业务的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为大连达利凯普科技股份公司（以下简称"达利凯普"或"公司"）首次公开发 行股票并在创业板上市持续督导阶段的保荐人，根据《证券发行上市保荐业务管 理办法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》等规定，就达利凯普开展外汇 套期保值业务的事项进行了核查，核查情况及核查意见如下： 一、外汇套期保值业务的基本情况 （一）开展外汇套期保值业务的目的 公司为有效规避外汇市场的风险，进一步提高应对外汇波动风险的能力，主 动防范汇率大幅波动对公司造成不良影响，增强财务稳健性，更好地维护公司及 全体股东的利益，公司（含子公司）拟与银行等金融机构开 ...